Biopharma continues to experience robust public and private financing in 2025, with new IPOs and funding rounds reported. Key regulatory updates include FDA approvals such as Nuvation Bio’s Ibtrozi for ROS1-positive lung cancer and expanded RSV vaccine indications by Moderna. Leadership transitions include Bristol Myers Squibb appointing former Goldman Sachs analyst Chris Shibutani as Chief Strategy Officer and Ionis Pharmaceuticals updating senior executive roles. Policy developments highlight the ongoing legislative debate around drug pricing reforms and innovation incentives.